Many thanks to those who joined us on our periodic conference call on March 24. We will be editing the call into bite-sized thematic sections and providing the links to you in coming days, to watch or rewatch. If you would like a copy of the slide deck that accompanied Read more
Markets have staged a strong rally following the volatility that accompanied the start of the war in Ukraine. The S&P 500 has rallied 10% from its bottom, and the NASDAQ 15%. (The NASDAQ is still 10% down from its peak, and the S&P is down about 4% from its peak.) Read more
The tumult of countervailing forces at work in the global economy, and besetting investors, increases in strength day by day. Last week we wrote extensively on Russia’s invasion of Ukraine, and its implications for a host of global financial and commodity markets. The invasion itself surprised many seasoned analysts who Read more
Our Upcoming Conference Call: Optionality Is King We have written before that the investment climate has changed dramatically. The cost of money is rising, and the risks of illiquidity episodes are rising. This is probably not the time to be locking yourself into anything, unless you absolutely must (e.g., you Read more
There are years when nothing happens and years in which centuries happen. Carlos Fuentes We’ve seen a whirlwind of events in the past week. Here are some thoughts on the most important themes. Ukraine and the Fed Unfolding events in Ukraine of course represent a humanitarian catastrophe — and we Read more
Stay liquid. This is not the time to be locking yourself into anything unless you absolutely must (e.g., you need to make a 1031 exchange). In our view, current conditions and the speed of current developments indicate a cardinal truth for investing in 2022: liquidity and optionality are king. This Read more
The broad markets have registered significant, but constrained, volatility thus far in 2022, with the S&P 500 down about 8% from last year’s highs as of this writing, and the NASDAQ 100 down about 14%. Those figures mask a different, deeper, and more systemically important reality that mark the current Read more
Please join us for our periodic conference call at 10 AM Pacific on March 24, 2022 — there will be a lot to discuss, and we welcome your questions. We’ll discuss ways you can increase your liquidity, flexibility, and optionality as the world moves into a more volatile and unpredictable future. Read more
Hydrocarbon energy sources, even though they’ve been sidelined by investors during the ESG craze, still power the world, and are still essential for industry’s functioning and consumers’ wellbeing. Overhasty calls for a total decarbonization are coming up against the hard limits of reality, as ideology usually does. Besides the potential Read more
Vladimir Putin pulled the trigger and has begun an apparently full-scale attempt to occupy Ukraine — or at least enough of it to create a permanent instability that will forestall its accession to NATO. We have long identified this issue as the lynchpin of Russia’s policy in its “near abroad.” Read more
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